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Canadian Dollar Falls To Four-Week Low As Economy Slumps

The Canadian dollar has declined to a four-week low against the U.S. currency as evidence points to a slowdown in the domestic economy.

The loonie is currently trading at 74.65 U.S. cents, its lowest level since Dec. 15, 2023.

The decline comes as evidence points to the Canadian economy slowing. The latest data showed that Canada's trade surplus decreased to $1.6 billion in November from $3.2 billion in October of last year.

Separate data showed that the value of Canada’s building permits dropped by 3.9% in November from October.

Futures traders expect that the slowing economy will prompt the Bank of Canada to lower its trendsetting interest rate in April of this year after holding it at a 22-year high of 5% in recent months.

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The Canadian dollar is also taking a hit from slumping oil prices. Brent crude oil, the international standard, is currently trading at $78.51 U.S. per barrel, down from more than $90 U.S. a barrel last year.